BandLab– a Singapore-based digital platform for music creators – said it raised $ 53 million through a round of funding that will help the company expand its team and reach more aspiring artists around the world whole.
Vulcan Capital, the investment vehicle of Microsoft co-founder and philanthropist Paul Allen, was the lead investor, while the venture capital firm K3 companies also participated in the round table, which values BandLab at $ 303 million. K3 Ventures, founded by Kuok Meng Xiong, grandson of Malaysia’s richest person Robert Kuok, was an early investor in the Grab superapp as well as Chinese tech giant Bytedance.
BandLab was launched in 2015 by Kuok Meng Ru—Son of palm oil billionaire Kuok Khoon Hong, nephew of Robert Kuok — to provide a mobile platform for making music. The platform is used by more than 40 million music producers and musicians.
“Our vision is a future where there are no barriers to creating and sharing music, especially among independent musicians and creators, and among mobile users first, the billions of smartphones and original musical ideas, “Kuok Meng Ru, who is CEO of BandLab, said in a declaration. “We’re not just doubling down on our market-leading creative tools, but we’re also prioritizing the compensation of artists and the protection of rights holders. If creators are not paid fairly, this is a major obstacle to their development and growth as artists.
In addition to BandLab’s music creation tools, Kuok — through Caldecott Music– also owns music publications NME and Uncut, and musical instrument retailer Swee Lee. BandLab bought a 49% stake in Rolling Stone magazine in 2016, but then sold it to Penske Media, which took control of the iconic publication at the end of 2017.
“With a passionate community of millions of people around the world, BandLab has an incredible track record in delivering innovative and meaningful tools to music creators and artists around the world, not just in primary markets like the United States. , but extending well beyond developing and underserved markets as well. Tommy Teo, managing director and head of Southeast Asia at Vulcan Capital, said in a statement.